Newark, Delaware [RenewableEnergyAccess.com] Peter Mandelstam, President of Bluewater Wind, announced last week that Bluewater has agreed to be acquired by Babcock & Brown, identified by the American Wind Energy Association as one of the “Top 5 Managing Owners of Wind Energy Installations.” All of the Bluewater Wind staff, including Mandelstam, will be continuing with the company.
The acquisition addresses the last major hurdle in the effort to finance and build what the company says will likely be the first offshore wind park in the U.S., which is how the $1.6 billion project would be funded.
Mandelstam explained that Babcock & Brown’s leadership and expertise in wind energy development, strong financial position, and ability to raise any additional funds that would be required, would help to ensure the Delaware Offshore Wind Park would be securely funded.
“The Bluewater/B&B team will serve Delaware very well,” Mandelstam added. “Our project will ensure that the State Legislature’s commitment to fighting climate change and sea level rise by requiring utilities to buy Renewable Energy Credits (RECs) will be honored when the Bluewater Wind Offshore Wind Park begins operation and provides RECs to Delmarva Power and its customers.”
“Bluewater’s new partnership with Babcock & Brown provides us with the commitment, strength, reliability and financial backing to successfully develop the Delaware Offshore Wind Park, helping to ensure it will provide stable-priced, affordable, and clean, renewable power to Delmarva Power’s customers for many years to come,” Mandelstam said.